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Malaysia’s Top Glove posts nearly 6x profits in Q3 due to pandemic demand According to Reuters


© Reuters. FILE PHOTO: A worker inspects newly produced gloves at the Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS / Lim Huey Teng

KUALA LUMPUR (Reuters) – Malaysia’s leading Glove Group Bhd on Wednesday reported a 485% increase in third-quarter net profit as the COVID-19 pandemic fueled continued strong demand for gloves.

The world’s largest manufacturer of medical gloves posted record profits for the previous four quarters, thanks to increased use of gloves due to increased hygiene awareness during the pandemic.

In a stock exchange filing, the company said net profit for the March-May period rose to 2.04 billion ringgit ($495.63 million) from 347.9 million ringgit a year ago. UBS had forecast a profit of 2.54 billion ringgit, according to Refinitiv data.

(1 dollar = 4,1160 ringgit)

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